Noodleface
A Mod Real Quick
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Home buying thread
- Thread starter Pasteton
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
I'm 2 years into my house and I don't think I can ever move. That 3.99% 30yr fixed is too good.
Selix
Lord Nagafen Raider
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3.875% 15 year here. Still have PMI though because we somehow don't have enough credit history to have it removed. Apparently having never paid interest on a credit card in our lifetimes is a negative despite paying all of our bills via CC for the free points for the last 5 years. And we both have more then 10 years of credit history including buying and paying off cars, her wedding ring, and apartment rental.
Noodleface
A Mod Real Quick
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I didn't think PMI was applied for credit history, isn't it always applied for <20% down payment? I could be wrong.
It depends on the loan. If you recently got an FHA loan, you're paying MI for the life of the loan.
Jysin
Ahn'Qiraj Raider
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These were recent changes that some loans keep PMI for the life of the loan. (Fuck that shit greedy lenders) Typically though, PMI is if you do not have at least 20% down on the house and would go away once you are >20% in equity on the loan.
He doesn't have to do anything. He's entitled to both the seller and the buyer commission as outlined in the contract. Any cut that he/she does is out of the good of his heart and unless he's related/good friends with the seller, he probably won't. And why should he - he's doing the work of 2 agents. Now whether the "work" agents do warrants their price in the first place is another issue...
Asshat Brando
Potato del Grande
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The only loan that keeps MI for life now is FHA as of last year. Conventional loans by law have an automatic point where the MI ends and it's outlined in your MI agreement signed with your loan docs at closing. The removal of your MI has nothing to do with your credit, it's solely a loan-to-value exercise. The only reason you would bring up your credit is if you're trying to refinance out of the MI loan to a new loan with no MI but can no longer qualify.
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Any general tips/advice on selling/buying at the same time? My wife and I are in a small house right now and want to upgrade to a larger house. How do you go about doing both? Do we need to sell first then set a closing date a few months out and pray we find a house quick?
At this point we're just starting to look into it. I've been spending the last few weekends cleaning up and fixing the minor stuff around the house.
At this point we're just starting to look into it. I've been spending the last few weekends cleaning up and fixing the minor stuff around the house.
Korrupt
Blackwing Lair Raider
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If you can afford to carry both notes its not that bad. I did it for about 7 months by offsetting the second note with a loan agains my 401k. I was 25 and dumb when I did it because I had bitten off more than I could chew with my first house.
Falstaff
Ahn'Qiraj Raider
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Isn't this what contingency is when you buy/sell? You will buy a house within X number of months contingent on you selling your own house in that same timeframe? That's what I always thought it meant. I think it's pretty common.
Cad
scientia potentia est
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That is what a contingency is, but it actually isn't very common. A seller would have to be mentally fucking deranged to lock their house up on a contract hoping your other house sells.
My wife and I were in that situation last year. If I remember the timeline:
* put first home up for sale in late February
* Got first house under contract in late March
* had everything but settlement done by mid April
* entered a contingency to buy second home in late april
* sold/settled on the first home in early may
* bought/settled on the second home in late May.
I micromanaged everything, and it was very stressful. We had to move in with our nearby families for May.
As Cad wrote, a long-term contingency would be seem to be insane for sellers, but I also know there are bad sellers agents who would probably have their clients enter a bum deal. Contingencies are also weaker hands to play if there are competing bids. I suppose you could tinker with the offer and EMD to offset that.
For our contingency, we could show everything but settlement on the first house, and there would only be a month between the two settlements.
If the first house is in a shakey market, I would just focus on unloading that with as little loss as possible. Live with family or get a month to month apartment lease if you need to.
So ... my mortgage company (Freedom Mortgage) keeps lowering my rate. My loan started last year at 4.25% 30-year fixed, they 3.99% 6 months later, and are now lowering it again to 3.75%. I had to re-sign every time but was charged nothing each time. I kept trying to look for hidden charges but there doesn't seem to be any. Is this some kind of scam? I'm now sitting on a 3.75% 30-year fixed with no PMI, due to being a VA loan, but I find it hard to believe they are doing this just to help me out ...
Joeboo
Molten Core Raider
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Are they re-setting your 30 year period each time? Basically cashing out your equity to cover the closing costs for a new deal? Not that there would be that much equity after the first 6 or 12 months of a loan, but thats still tacking an extra year back on when you would have been down to 29 years otherwise...
Nope just checked. Looking at my account online I have:
- the original 360 month loan at 4.25%, which says paid off
- the 3.99% loan for 355 month period, which is active, and I made sure there was no change in principle
So it looks like the next rate drop will work the same way. One thing they do mention each time is "hey, we'll let you skip a month payment during the transfer" but I always stay at least 3-4 months ahead on payments, while also throwing in an extra $500 per payment directly to principle.